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EUR/USD, GBP/USD and AUD/USD continue to gain ground, with further upside likely

EUR/USD, GBP/USD and AUD/USD continue to gain ground, with the Australian dollar breaking resistance to highlight expectations of further upside.

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​EUR/USD continues its recovery as it moves towards key resistance

EUR/USD has been on a consistent uptrend over the course of the past fortnight, with the price rising up through the 76.4% Fibonacci resistance level of $1.186 to bring about a bullish continuation signal. A push up through $1.1908 would bring a wider bullish picture into play, with the wider bearish trend in play until that occurs.

However, with the price having moved through all Fibonacci resistance levels, there is a good chance we will see the price move into that key peak. As such, a bullish short-term view is in play unless we see the price fall back below the likes of $1.1834 and $1.1794.

EUR/USD chart Source: ProRealTime
EUR/USD chart Source: ProRealTime

GBP/USD pushes higher as it regains lost ground

GBP/USD has similarly been on the rise, with dollar weakness helping to lift cable into a two-week high overnight.

The price is easing back this morning, yet the short-term uptrend remains intact unless the price breaks below the $1.3731 swing-low. Until that happens, there is a good chance we see the bulls come back into play once again before long.

GBP/USD chart Source: ProRealTime
GBP/USD chart Source: ProRealTime

AUD/USD breaking key resistance to end wider bearish trend

AUD/USD has been the outperformer of late, with the pair rising up through the crucial $0.7426 resistance level this morning.

That break marks an end to the wider trend of lower highs, signalling the expectation of further upside to come. A break below the $0.7356 level brings a more bearish short-term picture, with a bullish outlook remaining in play until that happens.

AUD/USD chart Source: ProRealTime
AUD/USD chart Source: ProRealTime

This information has been prepared by IG, a trading name of IG Markets Ltd and IG Markets South Africa Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

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